tv Markets Now FOX Business August 30, 2012 11:00am-1:00pm EDT
charles: you will watch it tonight. no matter what you will watch it tonight. stuart: are you staying up to watch it live tonight. charles: yes. nicole: yes. stuart: connell, are you staying up tonight to watch it? connell: i have been up the last two nights. you have no excuse, varney, because i'm up at the same time as you or earlier. good morning everybody. i'm connell mcshane. the battle for white house is on ahead of mitt romney's speech tonight which stuart and everybody will be watching. congressman charlie rangel is calling here in a minute and he's been talking tough about last night's speeches speaker. also we will talk about small business owners who continue to lose out to the big banks on wall street. we will talk to neil barofsky about that.
and of course isaac is still wreaking havoc. our own jeff flock continues his live coverage from the state of louisiana just moment trs now. -- just moments from now. at the top of the hour, lauren simonetti with stocks, every 15 minutes. >> we finally have moves after some steady trading all week. we are down 111 points right now on the dow jones industrial average. if you look at the level, we're below 13,000. we haven't been 13,000 since early august. in fact, now for the month of august, for the dow, at least, the nasdaq and the s&p are higher for the month, but the dow is now negative for the month of august. so you can see it's looking pretty ugly on this thursday, the day before jackson hole, but amazon.com is a bright spot today. it did hit an all-time high $250 a little bit earlier. the kindle fire, the best seller on the website, 22% market share for the tablet market for the kindle fire. we called in to amazon.com and a specialist says they are not sure when they are going to have
more kindle fires in stock. if you are in the market for one, you are going to have to wait. connell back to you. connell: interesting lauren. thank you. congressman paul ryan expecting the republican vice presidential nomination last night. he told americans why he and mitt romney belong in the white house. >> you have a choice. you can be a part of the problem or part of the solution. the president's administration has made its choices. and mitt romney and i have made ours. before the momentum overwhelms us all, we are going to solve this nation's economic problems. connell: let's go to charlie rangel who joins us on the telephone for his perspective on all this. >> you may be surprised to know in a large part i agree with paul ryan. he's a serious member of my committee, the ways and means
committee. and whatever he is saying, he seriously believes. where i agree with him is never before have i known throughout my years in politics a more clear cut difference in the parties and the fact that there's hardly any gray out there. the question is as we said in the civil rights movement, which side are you on? and paul believes that the way to handle medicare is -- [inaudible] -- but to cut programs, the same thing that the tea party does. how does he intend to deal with medicare? connell: the idea tonight that mitt romney tonight has to make that argument that medicare is going to be a big issue in the state he's making it.
you talk about this clear choice, but there's still going to be a small number of undecided voters in a small number of swing states that decides this election. one of the biggest ones is obviously florida. what do you think of tonight's speech and what do you expect from mitt romney? >> i think mitt romney comes straight out of central casting. you give him a script, and he will say it and he will do it well. but the fact remains, as you pointed out, some of these battleground states are very concerned about medicare. and no matter how you cut it, ryan cannot run away from his solution, it's not universal coverage, which the president advocates, which he says everyone has to pay something. that you just don't go into the hospital without insurance and get the same benefit of someone that pays insurance.
everyone gets and everyone pays. under the ryan plan, is that up to a certain state, you get a voucher and that voucher you take out and find a doctor that's willing to accept it. and the balance of the payment, you figure it out. as far as medicaid, a program that's for decades has helped the poor with the assistance of the governor will no longer exist. it can't be clearer than that. it can't be clearer the differences. connell: i want to ask you before i let you go, though, congressman, about next week a little bit and your own party and their convention in charlotte. you have been tough as i mentioned in the outset of the program on the vice president -- on the current vice president joe biden in terms of some of the comments he's made on the campaign trail. to what extent are you worried about maybe his effect on things or about the race in november
and the odds of the president's reelection at this point? >> well, vice president joe biden is a regular guy, anything that he says comes straight from the heart. i spoke with him last night and had to reconfirm who most african-americans know he's one of our best friends ever that we've had in this country, and anything that he says in terms of analogies and whatnot, i know -- everyone knows that what he wants is what's good for america and what's good for all of us. quite frankly most people have made up their mind which way they're going to go. where i do see a gap and a a tremendous gap in the faith-based community. you know, the catholic church, i understand that the cardinal is going to speak, and no one has done a better job in helping the
poor and the disadvantaged than catholic charities. b to see what is happening with education and poverty, the cutbacks in healthcare, i would think that the churches, the synagogues, the imams, the priests, the ministers, that they would all come out and speak out not for republicans and democrats but to save this country from itself. we cannot let this generation be the generation that has no health insurance and no jobs and no homes to go to. this would be the first time in history that we're going backwards and the vacuum for the undecided i think is our spiritual community. connell: we will see how those issues come up in the campaign. but congressman rangel, we have to go right now. thank you very much for calling in. to stick with the economic
issues for the time being here on fox business, i want to show this little clip if anybody saw this last night, neil cavuto interviewing john mccain. it is kind of interesting if you thought it was only the democrats who have their questions about the big banks on wall street. think again after watching mccain on the 08 bank bailout and the effects of the tarp program. >> what about the small businessman? what about the community banks, the ones that really do the lending? they didn't get the money. it was goldman sachs and all of these other guys and it really is harmful, and that's what gives rise to the cynicism and anger that you see. connell: it gives us a perfect lead-in to our next guest, the former tarp inspector general and author of the book bailout is back with us, neil barofsky. >> he must have read the book because he's certainly right. connell: it is kind of interesting to come from the republican side of the aisle those types of comments because on the democratic side you hear the rhetoric, but your point
would be, and if people did read the book, they would realize that you don't get it from president obama, the action to back up the words. >> no, both parties in their administration of the bank bailout has been to defer and to empower and to save and protect the largest financial institutions, the big banks on wall street and did precious little to fulfill their promises to main street, to small businesses, getting that tarp money, not just to fill in holes for the big banks because of the bad bets they made, but to get that money back into the economy to help start growing this economy and help struggling homeowners. all those things that tarp was supposed to do, that john mccain when he voted for tarp was hoping that it would do and was promised it would do, and those promises went broken and they were first broken by the bush administration and broken pretty spectacularly by the obama administration. connell: we have plenty of guests that have come on for the last three or four years that have bashed the bailout program
that said we should never have gone down this road and tarp was a mistake from day one, and we have had other guests come on that defended it. you are basically doing both, you are saying this tarp was necessary, it just wasn't implemented properly, which is kind of unique in a lot of ways, who represents your view in politics, who is closest to that? >> i'm not that sure. there's not that many. you see actually people who sort of recognize that, you know, we had to do something. i mean the country was going off in abyss. and the question was whether tarp was the necessary thing or something else. when banks are too big to fail, that is an unfortunate reality of our economic system and it still is, and if they get into trouble, we're going to have to bail them out again because any one could bring down the entire financial system, but when we bailed them out last time, and unfortunately, if we don't do something, if we bail them out again, what we did was just preserved a really broken status quo, we made the big banks even bigger than before. connell: if nobody is representing those interests
politically, i don't know if elizabeth warren running for senate, if you would say she's the closest, that would only be one person, if nobody is representing those interests, where does the change come from? >> i think there is on both the right and left, people running for congress, people running for senate who are advocating a break up the banks mentality. it is not just a democrat, although elizabeth warren is running on that platform and i support that platform greatly. i also hear from tea party members in congress. it is not a left, right, it is not democrat, republican, but it is an american position. we are subsidizing these banks, what i talk about in the book is just how much those interests of wall street are pulling the levers of power in washington and we need to do something about it. stuart: it's you and sandy weill and john mccain, that's why i played that clip. i thought that would be interesting for you to see. it's great to see you. >> thank you. connell: let's go to the storm and talk about the flood defenses around the city of new orleans. they held strong as it turned
out against isaac, but flooding in some areas has caused thousands to be evacuated. jeff flock has been reporting throughout. today he is actually literally on top of a levee, lake pontchartrain from louisiana where he's been reporting from throughout the day. jeff? jeff: i just walked down to the bottom of the levee to see where the water is. this is lake pontchartrain, and it is lapping up along the railroad tracks that run alongside the lake and outside the levee system. but i tell you, fortunately, this levee system held. as i walk up this levee system here, this is steel, concrete, tax dollars, $15 billion worth of them. we've got a unique perspective. i showed you this earlier connell. i want to show our viewers again. if you take that shot, this is from a security camera mounted on the top of our vehicle, that was a former homeland security vehicle, you see a pumping house that is what kept the water, you know, new orleans much of it is below sea level, so anything
that comes in must be pumped out. and those pumping houses responsible for doing that did it successfully in a very very difficult water situation. more water than katrina to pump out, and this did it. the levee, maybe you see all the way along here, it's a massive structure. as i said, a lot of billions of dollars, but it all worked pretty well, and as connell you pointed out, what hasn't worked is some of the other smaller communities that don't have those levees, they have been flooded. and that's the legacy of isaac. connell: it is, one of the slowest-moving storms and all this rain associated with it, really something else. jeff, thanks for the reporting and the perspective from there in louisiana. certainly it is a big speech that we're going to see tomorrow from ben bernanke out in jackson hole, wyoming. it is a focus for the markets and the question is, is this where he makes his decision to pump another round of money? more money into the economy, and how much, if at all, does presidential politics factor into all this? that's something we're going to explore coming up.
then former senator from florida, martinez, on a state that's seen as a must win for mitt romney. he's going to tell us how romney needs to approach the sensitive issue tonight of immigration. all that is coming up. first though, we have been keeping a close eye on oil. it continues to go down, now at 94.13 a barrel. everyone has goals. take the steps to reach yours, with us with real advice, for real goals. the us bank wealth management advisor can help you. every step of the way. from big steps, to little steps. since 1863 we've helped guide our clients, so they can take the steps to help grow, preserve, and pass along their wealth. so their footsteps can help the next generation find their own path.
>> 15 minutes past the hour here on fox business, i'm lauren simonetti at the new york stock exchange. let's talk about a big winner today, shares of pandora, the internet radio stock up 17%, posted great earnings, said more people are listening to their station, especially on mobile, raised their full year numbers. investors are loving this today.
as for stocks overall, after the s&p 500 fell a point in the entire week, it's down pretty sharply here today. back to you. connell: lauren, back in less than 15 minutes with more from the exchange. now charles payne is here as he does every day tries to make you a little bit of money. and what do you have for us? charles: you know, i've got an on-line marketplace, but it's not an amazon thing or ebay thing. they take giant surplus sales. and i've got to tell you, very, very successful company. last four quarters beat the street by 5%, 37%, 41%, 22%. here's the thing, it is one of these stocks where it is trading at 7 times book, 4 times sale so some people think it is expensive therefore it becomes extraordinarily volatile. i don't think it is so expensive. i think it's volatile, but think about this, 3 billion in gross merchandise sales, 2.3 million registered buyers. 14 million people participated in auctions. 39 consecutive quarters of
profitability. people from 216 countries have used their websites for these -- for these surpluses auctions. on the retail side, 63 billion, capital goods side, 100 billion, government side about 3 billion. connell: let me ask you one question about this. how did you find this company? did you run some metrics through that it's got to have xy and z? charles: every day i'm looking for stocks that have made curious moves either on volume or breakouts then i discover them and then i look into them. so sometimes this is the way to discover these things. connell: interesting. i've been curious about that. charles: i'm dplad you brought it up -- i'm glad you brought it up. i always tell people sort of start with what you know but there are a lot of great things out there that we don't
necessarily know. connell: charles thanks very much. if you are ben bernanke and you know that a president romney would replace you, does that affect on how you handle monetary policy between now and november? maybe we will find out tomorrow. we will take a look at it next. then more on isaac making its way now to the north. we look back now on the city of new orleans and how it worked through yet another storm. first though some more numbers, markets now, here's currencies and how the world currencies are shaping up against the dollar. >> announcer: meet tom, a proud dad whose online friends all "like" the photos he's posting. oscar likes tom's photos, but he loves the access to tom's personal information. oscar's an identity thief who
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40 miles-per-hour sustained winds. worried about tornadoes through the rest of the afternoon for parts of louisiana, mississippi, alabama, even the flori panhandle, so tornado watches in effect. we have several on going tornado warnings, really strong outer band moving across land. and connell, we are still watching the track of this storm, hopefully bringing some beneficial rain for areas that are into a very bad drought. back to you. connell: at least one bright spot out of this whole thing. janice thank you. the fed chief ben bernanke will be speaking tomorrow at jackson hole wyoming. the question everybody wants to know is there going to be more stimulus from the federal reserve? we bring in our next guest, senior vice president and chief economic strategist. he's with us now from memphis. i'm going to start with a political question because we kind of teed it up a little while ago craig saying we know if mitt romney wins, and he told peter barnes this when he interviewed him, ben bernanke is not going to be the fed
chairman, so you start to say to yourself i wonder if that factors into his thinking at all, he's only human, that maybe acting now before the election makes it more likely that he remains as chairman? >> good morning, connell, and thanks for having us on. i don't think that's going to have much of an impact on his decision. number one i think the fed is fairly insulated from political pressure. we hear a lot of campaigning from the fed. dennis lockhart was on this morning talking and said, you know, the fed really doesn't take that into account. and i think they try to remain fairly out of thahaha secondly, even if romney were to replace bernanke, he said he would do it at the end of his term, so he would still have through 2014 to implement policy. connell: good point. let me ask you about what you think you will hear, at jackson hole, we're all asking these
questions, as some sort of launching pad or hinting pad for monetary policy, will that happen this time around, wl we get a hint of what's to come or no? >> right, you know, i think this's a great debate -- there's a great debate out there right now if we will or not. first of all, i would say that bernanke is -- there are two thing has are driving this. number one bernanke is certainly looking at doing more. if you look at the speech he gave to congress in july, if you outline what he said, he said the growth has slowed. that may have been the understatement of the year. he said unemployment was stuck above 8%. payroll growth is slow. consumer confidence is down. manufacturing is down. investment demand looks to be weakening. the president hasn't addressed the fiscal cliff. housing is improving but it is such a small part of the economy that it is not material. i do think they are still leaning towards easing. i think even though you have seen better retail sales data in august, i still think they are leaning towards it.
i would expect them to come out and make sometime dovish or supportive statement from the markets. connell: that more stimulus may be to come. we appreciate that, craig. let's go to former florida senator mel martinez who is coming up in a moment. it will be an interesting interview because we're going to ask him about mitt romney's plan to win that state, so important, once again, the state of florida. not just small change we're talking about here, the price of gas more than 30 cents a gallon higher than just one month ago. more on that coming up as well. now the overall market is down. but here are some winners today on the s&p 500: want to try to crack it? yeah, that's the way to do it!
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the theory market now at the bottom of the hour. stocks now every 15 minutes. the 20 it is down about -- there is a problem for tivo. that is second-quarter loss widens. it had higher expenses. that masked pretty good news. tivo is a loser today. our stocks, overall, i am looking at the board and honestly there are tons of red arrows. it is down more than 1%. the transports are down. it is pretty ugly. of course, oil is down about a dollar right now. this is what we are looking at.
the s&p 500 up until today. it was down just one point this way. when you see it down nine-point, you do have some movement. back to you. connell: that is right. lauren, thank you. the breaking news would be the closing of the european market. ashley webster has that in the newsroom today with the latest. ashley: good morning, connell. investors like everyone else waiting to hear from ben bernanke for any hint of renewed source. then we have the ecb one week from today. at "the closing bell" on this date in europe, ready to cross the screen, the ftse up about 10%. it has been a rough day in germany. chinese premier says beijing is willing to keep buying european
bonds but gave no indication that china would bail out the euro zone. the chinese leader did express alarm. he called on greece, spain and italy for budget cuts. the comments coming following a meeting in beijing with german chancellor angela merkel. she is trying to a late fears of china's heavy government that. the number of unemployed german workers grew by 9000 in august to 2.9 million. the unemployment rate remaining steady at 6.8%. the commission says it's monthly economic sentiment fell in august. it is the weakest level in three years. even germany is starting to feel the effect from this debt crisis. all eyes on the big ecb meeting next week, september 6.
connell: it may has well of been last night. ashley, think you very much. mitt romney will officially accept the republican nomination tonight. florida is the state. romney just had to have that if he wants to be the next president. we have former senator, mel martinez, with us right now. >> he can win our state with a lot of hard work. florida is not an easy state. this is very doable. governor romney can with florida. it is also a big media state. connell: i know the obama campaign had made a lot of on the ground operation over romney in florida. let me ask you about a specific
issue, this time around, there were some pretty hard language used on immigration issue but all of that candidate, including governor romney. will that work in the state of florida? >> well, look, i think immigration is a secondary issue to most hispanics in florida. i think it will be nice for the governor to address it. i think jobs is what is in people's minds. when you have unemployment reaching 9%, people are worried about jobs. people are worried about healthcare and how they'll will get along in life and the tremendous housing crisis we have had here in florida. foreclosures are way up. in the state of florida, it is about jobs, housing and healthcare. those are the predominant issues. don't forget in florida, hispanics and puerto ricans are the predominant race.
connell: the "latino" vote. those are individual people. more so that they could be puerto rican americans. you are saying that mitt romney does not necessarily need to soften his immigration stance, because those people are not necessarily worried about it. >> i would say that immigration is not the predominant issue. i think we can move beyond that by connecting with the hispanic voters with other issues. i think the failure of the obama administration to fail to create a better economy, do not forget, most of hispanics today are immigrants like myself who come to seek their part of the american dream. when american dream seems out of reach, you begin to wonder if we have the right leader in charge. that is more important than the
immigration. i think there are a lot of people who are important in this state. jeb bush. beloved in the hispanic community. we have a state senator now, margot rubio. i think florida will ultimately be romney's. if you had ground game purses big tv buys, i will take the big tv buys. connell: is there one for governor romney? >> i think it gets pretty tough. i have to tell you, that electoral map looks pretty tough. it is a lot of electoral votes. i think the path of florida is
spending time here, being here, governor romney has been. i know the president has as well. this will be a cliffhanger right until the end. i am encouraged by the fact that the president has been outspending romney on media for the past 60 days. that will change now. i think romney will have the opportunity to outspend the president in florida. that will make a difference. being outspent and still even. connell: senator mel martinez, thank you very much. the latest and the cost from isaac did that is coming up next. it is not just small change we have been talking about since the affects on gas prices. look at that $3.50 up to $3.80. that is a pretty big move. 163 on the treasury notes. we will be right back. much more on market now. straightahead.
don't worry, we have cancelled your old card. great. thank you. in addition to us monitoring your accounts for unusual activity, you could also set up free account alerts. okay. [ female announcer ] at wells fargo we're working around the clock to help protect your money and financial information. here's your temporary card. welcome back. how was london? [ female announcer ] wells fargo. together we'll go far. >> i am lori rothman with your fox business brief. the short selloff on wall street continues. right now the dow is down 97 points. it is official, carlisle group buying dupont paint group. private equity firm is looking to -- the deal is expected to close in the next quarter of next year. british police arrested the former top lawyer on suspicion of conspiring to intercept
past, but now has a unique opportunity to restore. "now to new orleans, it really dodged a direct flow in waves from hurricane isaac because the levees held up this time around. they held up well from the height went and torrential rain. there are some surrounding areas that were not as lucky in terms of the flooding. let's get the latest from that area. >> it is really two stories within new orleans. the newly beefed up dams by the army corps of engineer's held up very well during the storm. it is a different story for some of the communities outside of new orleans. we have some breaking news to tell you about. the emergency management officials have just notified their counterparts here in
louisiana as what they are describing as and imminent failure at the lake at percy quin state park. it is located just over the louisiana state line in mississippi. parish officials are calling for a mandatory evacuation along the tangipahoa river as a precaution. officials believe that the water will naturally dissipate before they get there. they do not believe that lives are in imminent danger. they are asking people along the river to evacuate. i want to show you video now. there is flooding, also there are reports out of a town of pinedale, also that there is flooding in the old town area.
increasing water levels in the bow use aren't letting them to pump out water as quickly as it is coming in. take a look at the mighty mississippi river. just to give you an idea of how strong the storm surge was ahead of hurricane isaac, which was the source of much of the flooding along much of the coastal areas, the storm surge reversed the flow of the mississippi for almost 24 hours on tuesday. connell, back to you. connell: john@-- jonathan, the number comes from a modeling firm and tom larson will be on with dennis kneale and cheryl casone at the top of that power. back now to lauren simonetti.
stocks now every 15 minutes. lauren: all of these stocks that we will show you are down for the day. it is back-to-school spending. that takes a big chunk out of your wallet. in fact, it is the second biggest holiday shopping season. it is a huge market. we have same store sales from several retailers today. a lot of them posted really good sales. macy's up 5%. yesterday tjx, the owner of marshals had an all-time high. it is a good day for retailers. connell: thank you. romney broke new digital advertising ground today. he was the first to use and add. they are promoted trends.
users can click on these and they are directed towards twitter feeds of tweets. people who use twitter know what i am talking about. that is what they are trying. our next guest got a gold over at the olympics. her third straight one. it was in beach volleyball. misty, it is terrific to see you. thank you for coming on. congratulations, obviously, on the gold medal. one of the things we talk about on a business network, athletes that are in sports that are not the "traditional" sports. at some point, you have a great run like you have and then what? what is next?
>> as an athlete and i always tell this young people, it is good to have a plan b. sports will not be there forever. i think with athletes, it is about just being yourself and letting your personality shine and things just come about. maybe you'll pick up new sponsors. maybe you'll become a speaker. there are several opportunities. you just have to want and be willing to go after that. connell: is that what you are doing? do you plan to keep that going or at some point do you put that athletic part of your life and career behind you? >> london was my last olympics. i am stepping down from that. i will play for fun and, you know, not trained competitively anymore. i want to be a mom. i will graduate with a master's
degree in the fall. i want to start implementing my clinics again. i put them on hold this year to focus. i love working with the next generation and sharing my knowledge. that is my plan b. that is what i'd like to do. i think volleyball will always be a big heart of me. i love interacting with people i love, you know, an aspiring others. i love being able to interact with the fans. connell: inspiring others and kerri walsh did it for years and the three olympic gold medals. congratulations on all of that. best of luck to the dodgers. i note your husband, matt, is probably happy with that. good luck to them. >> i am excited to be able to follow him the rest of the season. i have great partners that i am
working with. i will have a full schedule. connell: misty, thanks a lot. back to isaac. we keep going back and forth and ending up on what is the biggest story of the week. the funny thing is it has taken so long to move along you'd there is more tropical activity believe it or not in the atlantic. we will look at the track of the latest storms just ahead. plus, the cost of isaac. that will be the topic of today's trade. a lot to talk about. first, here are some losers today in a down market on the nasdaq. ♪ we have big dreams.
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connell: we have been following isaac so closely as it moves to the north. there is a lot more activity out there in the atlantic. jeanette joined us now without part of all of this. how does the rest of the atlantic look? >> we now have leslie in the atlantic basin. it is still up in the air exactly where leslie is headed to. we also have hurricane kirk which is north and west of leslie. here is isaac. it is and it weakening stages. the center is just south and east of reports. it is continuing to bring in a plume of moisture from the gulf
of mexico. the heaviest downpour is coming down across mississippi. jackson, mississippi, has already gotten 4 inches of rain and more is on the way. it will hit the midwest as we had on into the labor day weekend. connell: thank you. then there is the economic and market side on this. gas prices with their biggest jump in one day. sandra smith has the trade. sandra: take a look at what is going on here. for all of you drivers who are heading out over labor day weekend, the average is up $0.30 from the price we were looking at just one month ago for the national average. that being said, when you look
at the broader market and you look at those futures market, here are your wholesale gasoline prices. trading at the cme, the trend certainly still higher. oil prices up about 8% over the past month. this is 90% of all oil production in the gulf coast region of the united states is still off-line. real quick, guys, bp, chevron, their production is down. if you look at the one week chart, you will see they are still down for the week. i will have a look at some other refiners and the reaction we can continue to see. i will not tell you what i am looking at, you can decide for yourselves. that is a pretty good look stock. we will have more on that in the next hour. connell: thank you.
we will have more on the losses and insurance industries coming up. the man behind it will join cheryl and dennis has market now continues. ♪ so... [ gasps ] these are sandra's "homemade" yummy, scrumptious bars. hmm? i just wanted you to eat more fiber. chewy, oatie, gooeyness... and fraudulence. i'm in deep, babe. you certainly are. [ male announcer ] fiber one.
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ask your doctor if including advair could help improve your lung function. get your first full prescription free and save on refills at advaircopd.com. connell: it has been a great day for the markets so far. dennis and cheryl will continue to follow that. you also have the insured losses that are now trying to add up. cheryl: i will see you, by the way, again in the morning. rest up. i know you are excited good. connell: another fun day. dennis: it is almost friday. i am dennis kneale. cheryl: i am cheryl casone. we are live at the republican national convention where romney will accept the gop nomination for president.
dennis: isaac now making its way up the gulf coast leaving thousands without power. cheryl: we will also have the cost of the storm for you. insurers could face as much as a billion and a half dollars. cheryl: bernanke and company it is the annual get-together where he makes his decision to pump another round of bed money into the economy. lauren: let's look at some of the losers today on a date where most stocks are in the negative column. we had dealt and groupon hitting new lows today.
down 100 points right now. the s&p 500 just flipped below that level. back to you. cheryl: lauren, thank you. of course, we will see you in 15 minutes from now. paul ryan accepted the bid for vice president last night. now it is former governor mitt romney's turn to convince americans that they should pick him to replace president obama. richard eriksson is live in tampa for us at the convention. >> that is right, cheryl. that certainly happened last night with paul ryan going on
the stage's judged by the reaction that he got. some folks on the floor saying it was the best speech of the night. he delivered the line of the convention at the very least. >> college graduates should not have to live out their 20s and the childhood bedrooms, staring up at treating obama posters and wondering when they can move out and get going with life. [ cheering ] >> this evening margot rubio will introduce romney. rubio will talk about governor romney as a successful person, not just in business but as they has been -- a husband, father and grandfather. cheryl: we will see if they can keep it on time tonight. dennis: nearly half of the state of louisiana without power as isaac continues its path inland.
jeff flock is on the ground by blake poncho. >> i come here from the lake, not the gulf war and ocean. we are all on the levee system that has protected new orleans. this was a test for new orleans. this levee system which was upgraded has performed magnificently. there were no failures in new orleans. all the water that fell into the teacup that is new orleans has moved out. the headline today, in addition to oil and gas, they are starting flights over there to make sure everything is okay on the rigs. they expect it to be so. the headline i think today for the hurricane isn't the
flooding. it dumped a tremendous amount of water. 12 inches in new orleans. 20 inches and other communities. now the rivers and canals are beginning to overflow as the water makes its way into those places just to the east of here. there is a new flood that just greifeld in the last couple of hours. it moves into that community. if that the legacy, i think, of isaac. cheryl: jeff, thank you very much. we are getting some heartbreaking news right now. this coming from louisiana, mississippi border. a dam there is in jeopardy and could put lives at risk. emergency management agency official just releasing a statement that and percy quin state park has been damaged by the heavy rains.
she gives it a 5050% chance of breaking. they are now recommending evacuation. it will be too late if that dam breaks. as you can see, on your screen, the area that we are talking about as we continue to watch the flooding. hurricane damage from wind and flooding along the gulf coast may cost the insurance industries to 1 billion a half dollars. we now have a fox business exclusive. i want to talk to you about how you evaluate what these costs will be. you have a range from 500 billion-$1.5 billion. how do you evaluate that another
dam is possibly in jeopardy? >> well, cheryl, there are two keys components. e cap we provide a data model. we develop this from data that gives us information about employees and square footage of houses and valuation information. we look at insurance perils. they provide us the insurance coverage. then we have a catastrophe model. we look at the wind speed from this storm. we learn from the prior storms what are the effects and impacts upon these to estimate what is the damage household to household basis. every storm is unique. cheryl: i want to focus on louisiana here for just a moment. all of our eyes are on
louisiana. there was much concerned about the levees. is louisiana a different animal when it comes to evaluating risk absolutely. it is a very sensitive area. the storm surge that we saw from this event was exceptional, but not extraordinary from this storm. we saw over 30 feet and katrina. new orleans, the water can go and very far and with what we see today, flood waters will continue to rise because it is thought. cheryl: what about the offshore units? for the most part there seems to be confidence, for the most part, that most of the platforms are safe out in the gulf. how much time do you think
you'll need to do an assessment on that? >> we currently expect about a half billion $2 billion of damage out there. it seems like a large figure. that level of damage, it is an operational level of damage. cheryl: tom larson, thank you very much. thank you for those estimates on isaac. isaac losing strength. dennis: we will look at why many people think it is politics not the economy escaping ben bernanke's decision on stimulus. first, let's take a look at oil before we had to break. ♪ [ male announcer ] the markets keep moving.
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dennis: we have more on the breaking news on the louisiana mississippi border. a dam there is in jeopardy. it could put lives at risk. the emergency management agency telling people they have to evacuate now. any delay could put lives at risk. we will bring you all details as we get them. cheryl: from that, it is now time to make some money with charles payne. charles: listen to the follow-ups for just a minute. the reason i thought about that, stocks up about 16%. i went to the journey sure for the first time and bought a pair of jeans. earnings this morning got crushed. i apologize, it did not do that well. the way starbucks is acting, it
has not been doing that well, it is acting really well now. it has already traded half of its daily volume. on track to break the 50 and 200 day average. yesterday there were a lot of problems. the key, of course, howard schultz. he gets the benefit of the doubt. people love this guy. he has to figure out food and i think he needs to be more aggressive on steve. if they could just show a little bit of good news, this stock could make a huge move from here. dennis: i love that you focus on schultz himself. sometimes you have to focus on people, not just stocks.
charles: wall street will give him the benefit of the dow. if they can be the next time around-- cheryl: i like that charles. charles, thank you very much. dennis: it is 15 minutes past the hour. stocks now every 15 minutes. lauren: first solar is down 15-20% right now. the number one the client on the s&p. it competitors coming out in many cases saying that they expect full year shipment to be down. many of these chinese producers are worried that, like the u.s., europe will soon imposed anti-dumping tariffs. that is the reason for those
down arrows. we are down four points on the dow jones industrials. that is your press of the market. the nasdaq is down nearly 1%. the s&p 500 below 1400. back to you. dennis: fed governors are gathering in jacksonville, wyoming for their annual meeting. with gop presidential candidate romney making it clear he would not return ben bernanke for another term. how much does politics play into ben bernanke's decision now. thank you for joining us. do you care as you figure out whether you want to start another round of stimulus? >> i think the chairman would prefer not going into the election on november 6. no matter what he does, there is
always someone who will look at it in a political way. history suggests that he wants the fed to do what is in the best interests of the country. if that means they take some are political heat, that is part of the job. dennis: do you think they will act by september? >> friday, i don't have great expectations for friday. i think what will happen in his speech is fed chairman ben bernanke will tell us what we learned from the minutes which is seriously considering providing more stimulus. they almost pushed up the timeframe for keeping rates low. the big question is when do they do the next few e. then they suggested there was some reason to think that many of them would like to do a qe,
but there also seem to be some disagreement in terms of the structure, in particular, how to do it in a more flexible action. the timing is not quite clear yet. dennis: what they have been doing is twisting where they are not creating new money, just moving money from short-term bonds to long-term bonds. you think they will go so far to creating new additional money and qe3 and not just a twist? >> right now, as you pointed out, the fed already has a balance sheet in place with operation twist. that is set to run its course in december. that is the time for the fed to consider another balance sheet policy. it is a much more complicated issue. they would have to decide that they do not want to finish operation twist. one thing they could do, which would be simple, to simply curtail the sales at the front
and and continue to buy securities at the long end. that would be a very easy way to take operation twist and turn it into an outright qe. dennis: operation twist again, although, it has not helped so far. thank you so much. cheryl: it is not just small change that we are talking about here. the price of gas more than $0.30 higher from just one month ago. dennis: we will have more on isaac. it is making its way north now. how new orleans managed to make its way to another hurricane. first, how the world currencies are faring against the u.s. dollar. ♪
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>> @22 minutes the hour i have your fox news minute. the city of new orleans has held up well. we are getting reports of a serious situation along the louisiana mississippi border. the percy quin state park dam is that jeopardy. there is a 5050% chance it could break. evacuations have been ordered for that area. some farmers who have been suffering from the worst drought have benefited from some rain. they expect the midwest to get as much as 12 inches of rain and the next couple of days. a new documentary about the rolling stones is on the way about the 50 year journey. there will be commentaries from
band members. it will release in october. that is your fox news minutes. cheryl, we are going to be rocking out until that age also. cheryl: j, thank you. lawmakers are in a deadlock despite the fact that there are only four months left to reach an agreement to keep the u.s. from going over the fiscal cliff. our next guest is hopeful for a deal. we have the ceo right now. congress is deadlocked. real shocker for everybody. why do you think it will be a market positive and finally reach an agreement? >> i think the market positive is the election year side.
i think ben bernanke is likely to push the fed towards some sort of quantitative easing to move stock prices up. i am a little more bullish on the stock market then i am on the compromise possibilities. i think it depends on who wins the election in november. it may just be that letting the bush tax cuts expire and triggering mandatory spending cuts may be the most painless way for the republicans to get started on their agenda to cut back the size of government and trim the deficit. cheryl: fair enough. at the same time you have the markets trying to raid the tea leaves, if you will. the dow is basically flat at this point in the month of august. is that more of a fiscal cliff that you think is the issue here? >> i think it is a question marks surrounding the fed.
actually, i think you will get some fed action on the 15th of september. i do not think you will see it in the marketplace. we are entering that. where september and october where markets are soft. cheryl: mark, before i let you go, you do have some stocks that you like and a couple that you don't. talk to me about ebay and tesoro. why these two names? >> these are two stocks that reported positive earnings. ebay is all about paypal. paypal is now 40% of uk's business. it is a big deal with the discover card that will get them potentially 50 million new paypal users and 7 million
retail accounts. it turned bullish at 32. it is still bullish. long-term, ebay is just a great play on e-commerce. tesoro is the strongest segment of the energy complex. the refiners have been lighting it up. tish -- tesoro has been leading the way. they announced they were buying bps west coast refinery. tesoro is on a roll right now. the stock spiked up 10%. it is making new highs. up today with a market down. this is a stock that will keep going. cheryl: thank you. research ceo, thank you.
>> thank you, cheryl. dennis: nice to have a little hope and optimism in the market today. we will bring you up-to-date with the latest cost on hurricane isaac. we will have a live report coming up. cheryl: the price of gas $0.30 higher than it was just a month ago. sandra smith has that coming up. before we had to break, take a look at the windows on the s&p. ♪ tdd#: 1-800-345-2550 wh i'm trading, i'm totally focused.
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the stock down right now hitting the highest level of $215 a little bit earlier this morning. amazon with the red arrows still a big winner today. in fact the candle fire 20% of overall tablet sales right now. looking at the dow industrials holding above $13,000 level. the nasdaq down a full percent, s&p 500 and 1399 down three quarters of 1%. back to you in the studio. ashley: thank you very much, lauren. now in danger of failing in the aftermath of hurricane isaac. jeff "fearless" block is there. >> they're able to divert some water and are hopeful they will not be threat, but cautiously
ordering the evacuation of thousands of people. i think this is the best picture. this water came up fast. somebody got their possessions loaded onto that vehicle but they could not make it down the road and that is pretty much the story. on the canals that border the plan. getting people to just wait out up the road. old spanish trail road, people are wading across. if it continues on across giving you a 360 degrees look, this is an area devastated by katrina. rebuilt, and now you see what is here.
one last picture, additional people continuing to wade out. good news for new orleans, that help but a lot of the smaller communities have had problems with the floodwaters. dennis: thank you. cheryl: or fox business weather center with a look at where isaac is headed next. and more storms forming in the gulf. >> there are two other storms but are not an immediate impact. we only have to worry about isaac, it has not moved very much. on the banks of lake tangipahoa. all the wind coming out, pushing the water into some of those canals, but i want to look at this radar van. you can see the yellow and red, right across the border of the mississippi and louisiana, that is where this lake is with a big
concern at lake tangipahoa. this is the dam they're concerned could give way and all the water would go down towards louisiana. that is why they are concerned about evacuations if that dam were to give. still plenty of rain to be had from this storm in louisiana, but eventually very heavy rain towards the plains. lot of drought, which is not good, they will get a lot of rain and potentially big flooding situation as well. cheryl: good news, bad news. thank you. dennis: phil flynn now in a fox business contributor. did isaac turn out to be a piker? >> these refineries are not damaged, this is a short-term move to the downside. they will need a lot to get caught up with supplies so it could be more.
seeing the market down because of that, the other big thing is the offshore platform, how bad are they? some companies will be out there later today seeing how quickly they can bring that back online. the seat seeds are still very r. donating $1 million to the gulf coast area which we did not have after hurricane ivan. another way for the area, a million dollars taking in as well, we will have to wait and see. dennis: thank you very much, phil flynn. this important news just in, it is over for "jersey shore." managing to make mtv hip again spun off pauly, snooki, j-woww
onto their own. season six will be the last, premiering not until october but mtv september 6 will end up doing it on the mtv music video awards with a big run-up showing a marathon, this is a show that helped shape the view of america around the world. cheryl: oh, well. bye-bye, "jersey shore." more from the national convention. we will talk with peter next. dennis: no small change, the price of gasoline and $0.30 higher than one month ago. and government money wasted, cheryl. cheryl: los angeles spending millions to operate parks closed for a decade. coming up. a look at the 10-year treasury.
>> i'm adam shapiro with your fox business brief. jobless claims remain unchanged last week when hiring still picking up momentum. 374,000 americans filed for first-time benefits matching the prior week, which was revised higher. personal spending rose in july, but the fastest pace in five months. according to the commerce department, spending rose four tenths of 1% last month matching wall street expectations. keep in mind consumer spending accounts for 70% of all economic activity. personal income climbed three tenths of a percent. mortgage rates fell for the first time in five weeks according to freddie mac. the rate is now 3.59%. just above the record low hit earlier this year. that is the latest from the fox business network giving you
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♪ ooh, baby, can i do for you today? ♪ try align today. cheryl: time for your west coast minutes. the hot button issue of his teachers can collectively bargain again, wanting a new evaluation system put in place. the teachers union wants the right to fight it. we will keep our eyes on it. the city of los angeles revealed park officialpark officials spen to operate to campground that had been closed over 10 years. $200,000 alone spent on mobile homes that were never built. and what twitter cofounder really wants to do is direct. one of several celebrities teaming up with canon usa and ron howard to produce short films finally giving them a chance to scratch a creative itch. that is your west coast minutes. and from that i have to transition to global markets
somehow. ashley webster standing by with everything going on with angela merkel. she gets around, this lady. >> she certainly does. she basically went in there with all the massive government debt, how are you going to put that into a nice package? just make sure the chinese are willing to buy chinese bonds, which they say they are, but unwilling to do any full-blown bailout. meanwhile back in angela merkel's home country, germany's unemployment rate holding steady below the number of people out of work hitting 9000 more in august. that is not a good sign, but the market themselves had a rough day. more a sense ben bernanke will not say anything earth shattering.
cheryl: honestly i consumer ben bernanke wouldn't do stimulus. there are lots of mario's. >> the ecb meeting in frankfurt, taught that they will meet for the german called, for their decision on the 12th of september regarding the constitutional legality of having full-blown bailout in germany, but what will the ecb do? a lot of hopes they will announce the bond programs this time around. cheryl: tracy byrnes is off today, probably at home because she is sad "jersey shore" was canceled. probably at home sad. >> she is. we have a lot of great guests.
there is problems on the mississippi, now we have the dominance of isaac creating other sorts of problems on the mississippi. a tough time to be a part owner. we will find out how tough coming up at the top of the hour. cheryl: that'll be a great interview, thank you, ashley webster. dennis, over to you. dennis: for a balance, i will say i love "jersey shore." stocks, and shares of sears. probably a spinoff but sliding on bad news from the s&p. loren. lauren: effective on septembe september 4, the stock down 7%, one of the biggest losers in the broader market as we speak. one of the original members back in 1957. replaced by the chemical maker, and those shares are searching by 4%. stocks overall still down, lots of movement today after three flat days.
the broader market down by three quarters of 1%, the s&p 1400 right now. we're reacting to the disappointing news on the employment front this morning with a four-week moving average that came in at a six-week high. not good news. dennis: gas prices up $0.30 per gallon in one month. expected to continue. sandra smith will bring us the latest on that. cheryl: some stocks in the red including garman. we'll be right back.
breaking news. this is what is happening in louisiana, mississippi border. we're being told by local officials a dam is in jeopardy and this dam if it breaks is because of all the flooding, this dam could be in jeopardy putting lives at risk. we have a picture of the dam, this is the official from the emergency management agencies telling people they're living around this dam. they have to evacuate, any delay could be putting themselves in perils. once again wanted to bring that updated information because we continue to look at all the flooding happening in this area with isaac moving on, the flooding continues. we saw the same thing with katrina on a much worse scale. drivers face their biggest one-day jump in 18 months ahead of the labor day weekend, sandra smith has the trade for the day. >> national average $3.82 per gallon. according to aaa overnight, rising $0.02, and guess what,
one year ago $0.01 less than that. the highest we've seen gas prices. here is your diesel prices now well above the $4 mark, up from the same time last month. here is the culprit, the futures market anticipating refinery closers, gasoline prices trading in chicago actually up about 6% over the past month pushing the prices up at the pump. crude oil prices refined gasoline and here you have it, oil prices are up over the past month about 8% right now $94, $0.61 per barrel. and taking a look at the stocks actually benefiting from all this action, down a little bit today, guys, actually wants to
put up a one-year chart so you can see the 52 week hi we are seeing, lots of refineries that were shut as result of all the wind and rain. you might be thinking why is it hitting highs? they have to increase their profit margin a lot of investors stepping into by the refiners to natural disasters like this. lot of refineries in the area have been shot and lastly another one to watch, chevron which is a dow component still operating all the way through this storm. one of the hardest hit in katrina but still operating right now. dennis: talk about a flight out of this world. a free trip to space next year for the passenger who racked up the most frequent flyer points by august 72013. according to u.s. news & world report. the fly with most points will be
upgraded aboard the spaceship to the mac two carrying six passengers. they have been planning flights outside of earth's atmosphere since 2004. and now it is finally going to happen. cheryl: it was a bittersweet moment for four-time grand slam title winner wednesday, her singles career came to an end in the u.s. open when she lost to the 18-year-old in straight sets and is now heading into retirement. it has been an incredible journey. and the sponsors are keeping the party going at the u.s. open spending hundreds of thousands of dollars at a vip event making an impression on the fan base. we asked them why pull the trigger now? >> we were looking for something locally based in the u.s. for
something reaching international audience as well. it reached all the target for us, we are very happy with the opportunity presenting. cheryl: $19,000 for first class round trip ticket. i think it is millions. dennis: it is bigger now than ever. let's return to some breaking news. it is over for jersey shore. the upcoming season, season six, will be the last premiering october. mtv making the announcement moments ago, actually. setting off a major war by
calling it the single stupidest show on all of television. cheryl: i will not say it again because i did not want to get any more nasty e-mails. dennis: i would not want to upset j-woww, she is quite the right hook. cheryl: not my thing, but the ratings for "jersey shore" blow my mind. people love a train wreck. have you seen honey boo-boo? dennis: i have not and i hope i never do. cheryl: i want to point your attention, can show our viewers with a click of 13,015. do you know where we closed the month of july? 13,008. the month of august has been so dynamic. dennis: so you say we are making progress. cheryl: we're above 13 k.
dennis: and i can win bets against three different wall street guys. cheryl: do you think it is that much disappointment? dennis: either that or romney will lose the election and bad for stock prices. cheryl: they have come on and say this is the incumbent winning is better for the market because four more years of sort of what you have got now. dennis: the worst recovery in modern u.s. history. cheryl: unemployment at 8%. dennis: isaac leaving hundreds of thousands without power. coming up, nicole petallides and lori rothman will see the energy of energy. how would you like to be that guy right now? those outages and what is being done to restore power. cheryl: plus we will have no
by helping to make gluten free bread that doesn't taste gluten free. together, the elements of science and the human element can solve anything solutionism. the new optimis dennis: this just in. a very harsh comment from cheryl, a right that i'd just fact checked it, it is the stupidest show on television. so you got that right. cheryl: thank you to our viewers for backing us up. i don't know where to go with this one, but still above 13,000, i know he does have a great interview coming up with the ceo. lori: what are you talking about, have to clarify. >> canceled.